Fourth-quarter revenue at Bristol-Myers Squibb (BMY -0.53%) jumped 33% year over year thanks to its purchase of Celgene, which closed in the latter half of November. On a generally accepted accounting principles (GAAP) basis, the company lost $0.55 per share due to the aforementioned acquisition. But on an adjusted basis, earnings were up 30% year over year to $1.22 per share. The results sent shares of Bristol-Myers higher. The stock was trading up 2% at 11:16 a.m. EST.
Sales of its top-selling drug Eliquis, which treats blood clots, jumped 19% year over year. Cancer treatment Opdivo is still a major blockbuster with revenues topping $1.7 billion in the quarter, but its sales were down 2% year over year due to competition from Merck's Keytruda and other drugs attacking the same immunotherapy mechanism.
The big pharma plans to pay down debt to help maintain its credit rating, but noted that it still plans to increase its dividend and do additional deals -- licensing or acquisitions -- as well as repurchase shares. The board authorized an additional $5 billion for stock buybacks in addition to the approximately $1 billion that it had remaining under a 2016 authorization.
For this year, management expects revenue of $40.5 billion to $42.5 billion. On a GAAP basis, earnings per share are forecast to land in the $0.75 to $0.95 range as the Celgene acquisition continues to put a drag on earnings. On an adjusted basis, earnings per share are expected to be in the $6.00 to $6.20 range, up 30% at the midpoint. Management also gave adjusted earnings per share guidance for 2021, when it thinks the company will bring in $7.15 to $7.45, up almost 20% at the midpoint for guidance in both years.